The annual value of new banknotes printed in the United States varied significantly between 2002 and 2023, showing a clear downward trend in recent years. The peak was in 2012, when the Bureau of Engraving and Printing produced banknotes valued at 386.6 billion U.S. dollars. During the quantitative easing of 2021, 319.7 billion U.S. dollars worth of banknotes were printed, marking the third-highest figure within the period. By 2023, the value of new banknotes printed had dropped by half, reaching 162.4 billion U.S. dollars. At the same time, the value of currency in circulation reached 2.29 trillion U.S. dollars in 2023.

Graph and download economic data for Currency in Circulation (CURRCIR) from Aug 1917 to May 2025 about currency and USA.

Money Supply M0 in the United States decreased to 5732900 USD Million in April from 5775200 USD Million in March of 2025. This dataset provides - United States Money Supply M0 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The annual volume of new banknotes printed in the United States has fluctuated since 2002. In 2022, six billion banknotes were printed by the Bureau of Engraving and Printing in the United States. This was the second lowest volume of banknotes printed during the observed period. At the same time, the total volume of currency in circulation increased steadily throughout the observed period and exceeded 54 billion banknotes in 2022.

Graph and download economic data for Volume of Notes Printed by Bureau of Engraving and Printing (NOTEVOLUME) from 1994 to 2024 about printing, issues, notes, currency, and USA.

Money Supply M2 in the United States increased to 21862.50 USD Billion in April from 21706.80 USD Billion in March of 2025. This dataset provides - United States Money Supply M2 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Monetary Base: Total (BOGMBASE) from Jan 1959 to Apr 2025 about monetary base and USA.

The statistic shows the last point in time consumers spent money on printed books in the United States in 2017, by ethnicity. During the survey, 55 percent of Hispanic American or Latino respondents stated that they had spent money on printed books within the last month.

The global banknotes design and currency printing market, valued at $7,236 million in 2025, is projected to experience modest growth, with a compound annual growth rate (CAGR) of 1.3% from 2025 to 2033. This relatively low CAGR reflects the inherent stability and cyclical nature of the currency printing industry, influenced by factors like government spending and economic stability. Key drivers include the increasing demand for enhanced security features in banknotes to combat counterfeiting, the adoption of new printing technologies offering improved durability and cost-effectiveness, and the growing need for redesigned banknotes to commemorate national events or reflect evolving societal norms. Trends include the rising popularity of polymer banknotes due to their enhanced lifespan and security, the integration of sophisticated anti-counterfeiting technologies such as advanced holograms and microprinting, and the exploration of innovative design elements incorporating tactile features for visually impaired users. However, factors such as fluctuating global economic conditions, government budget constraints, and the potential for digital currency adoption pose restraints to market expansion. The market is segmented by application (government, central banks) and type (banknote design, currency printing), with government and central banks comprising the majority of the demand. Geographically, North America, Europe, and Asia-Pacific currently hold significant market shares, driven by the presence of major central banks and established printing companies. The market is expected to see continued growth, albeit at a moderate pace. The ongoing need for secure and durable banknotes will maintain demand, while technological advancements and increased focus on security features will propel innovation and growth. Emerging economies are expected to show slightly higher growth rates compared to mature markets, influenced by increasing economic activity and a potential uptick in currency production. The ongoing interplay between physical currency and the rise of digital payments will likely shape the long-term trajectory of the market. Careful consideration of security against counterfeiting remains paramount, ensuring the continued relevance and demand for high-quality banknotes design and printing services in the coming years.

Graph and download economic data for Quarterly Financial Report: U.S. Corporations: Publishing Industries, Except Internet: Cash and Demand Deposits in the U.S. (DISCONTINUED) (QFR201511USNO) from Q4 2009 to Q3 2024 about demand, internet, printing, cash, information, finance, deposits, corporate, industry, and USA.

Money Supply M1 in the United States increased to 18668 USD Billion in April from 18542.60 USD Billion in March of 2025. This dataset provides - United States Money Supply M1 - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The statistic shows the last point in time consumers spent money on printed books in the United States in 2017, by income. During the survey, 35 percent of respondents with an income of up to 49,999 U.S. dollars stated that they had spent money on printed books within the last month.

The Federal Reserve's balance sheet has undergone significant changes since 2007, reflecting its response to major economic crises. From a modest *** trillion U.S. dollars at the end of 2007, it ballooned to approximately **** trillion U.S. dollars by May 2025. This dramatic expansion, particularly during the 2008 financial crisis and the COVID-19 pandemic - both of which resulted in negative annual GDP growth in the U.S. - showcases the Fed's crucial role in stabilizing the economy through expansionary monetary policies. Impact on inflation and interest rates The Fed's expansionary measures, while aimed at stimulating economic growth, have had notable effects on inflation and interest rates. Following the quantitative easing in 2020, inflation in the United States reached * percent in 2022, the highest since 1991. However, by *************, inflation had declined to *** percent. Concurrently, the Federal Reserve implemented a series of interest rate hikes, with the rate peaking at **** percent in ***********, before the first rate cut since ************** occurred in **************. Financial implications for the Federal Reserve The expansion of the Fed's balance sheet and subsequent interest rate hikes have had significant financial implications. In 2023, the Fed reported a negative net income of ***** billion U.S. dollars, a stark contrast to the ***** billion U.S. dollars profit in 2022. This unprecedented shift was primarily due to rapidly rising interest rates, which caused the Fed's interest expenses to soar to over *** billion U.S. dollars in 2023. Despite this, the Fed's net interest income on securities acquired through open market operations reached a record high of ****** billion U.S. dollars in the same year.

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Banknote Market Size 2025-2029

The banknote market size is forecast to increase by USD 2.19 billion at a CAGR of 4.9% between 2024 and 2029.

The global banknote market is experiencing steady growth, driven by advancements in security technology and rising demand for durable currency solutions. Innovations like polymer substrates and enhanced anti-counterfeiting measures are key factors, as governments and central banks prioritize secure, long-lasting banknotes. Shifts in consumer behavior, such as sustained reliance on cash in developing economies, also support this expansion despite digital payment trends. Another trend influencing the market is the increasing use of cryptocurrencies, which may lead to a decline in physical currency usage.
This report offers a detailed look at the market, including its current size - projected to grow by USD 2.19 billion from 2024 to 2029 - and a compound annual growth rate (CAGR) of 4.9%. It breaks down forecasts, key segments like state-owned and commercial printers, and regional insights across North America, APAC, Europe, and beyond. A notable trend is the increasing use of durable materials to extend banknote lifespan, while a persistent challenge is the pressure from counterfeit operations, requiring ongoing innovation in security features and currency counting machines. Businesses can use this data to refine strategies, strengthen client engagement in financial sectors, or optimize operational planning.
With actionable insights into these trends and challenges, this report equips decision-makers to navigate the global banknote market effectively, ensuring they stay competitive in an evolving landscape shaped by technology and security demands

What will be the Size of the Market During the Forecast Period?

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Damaged notes, though not counterfeit, can cause confusion and inefficiencies in transactions. Misplaced numbers or serial numbers on banknotes can lead to counting errors, potentially resulting in financial losses for individuals and businesses. Communities and businesses, in turn, rely on financial institutions to mitigate these risks. Banknote authenticity and integrity are essential for maintaining the stability and confidence of the financial system. Business leaders and individuals must remain vigilant and report any suspected instances of monetary fraud to the relevant authorities. The market is subject to various challenges, from counting errors and damaged notes to monetary fraud and counterfeit money. Financial institutions play a crucial role in maintaining the integrity and authenticity of banknotes, ensuring the smooth functioning of the financial system and the trust of the communities they serve.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  State-owned
  Commercial


Application

  Intaglio printing
  Offset Printing
  Letterpress Printing


Geography

  APAC

    China
    India
    Japan


  Middle East and Africa

    UAE


  South America

    Brazil


  North America

    US
    Canada
    Mexico


  Europe

    UK
    Germany

By Type Insights

The state-owned segment is estimated to witness significant growth during the forecast period. Banknote printing is a critical process carried out by state-owned printers, also known as state print works (SPWs), in many countries due to national security concerns, driving the need for digital payments. Historically, banknote printing was outsourced to private firms, but the exclusive responsibility was later taken over by central banks to safeguard design and anti-counterfeiting features. Allowing printing contracts to foreign printers may pose security risks, as sensitive information could be compromised. In the US, for example, the Bureau of Printing and Engraving assumed the role of banknote printing in 1877 to ensure security and maintain design consistency.

Moreover, the importance of banknote printing in economies lies in its function as a payment method, and the use of advanced printing technologies such as intaglio, offset, and letterpress ensures the production of secure and visually appealing banknotes. Inflation rates and economic conditions influence the demand for banknotes, making it an essential market to monitor.

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The state-owned segment was valued at USD 7.49 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 67% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the

Graph and download economic data for Currency Component of M1 from Q1 1947 to Q1 2025 about M1, monetary aggregates, currency, and USA.

Graph and download economic data for Quarterly Financial Report: U.S. Corporations: Publishing Industries, Except Internet: Total Cash, U.S. Government and Other Securities (DISCONTINUED) (QFRTCASH2511USNO) from Q4 2009 to Q3 2024 about internet, printing, cash, information, finance, securities, corporate, government, industry, and USA.

The global banknote-printing machine market is valued at $145 million in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 1.5% from 2025 to 2033. This relatively modest growth reflects a mature market characterized by technological advancements focused on enhanced security features and increased efficiency rather than significant market expansion. Key drivers include the ongoing need for secure banknotes by central banks globally, the increasing demand for sophisticated anti-counterfeiting technologies, and the gradual replacement of older, less secure machines. Trends within the sector include the adoption of more automated and integrated printing solutions, the integration of advanced data analytics for improved production management, and a growing focus on sustainability and reduced environmental impact through optimized processes and eco-friendly materials. Restraints on market growth primarily stem from the high initial investment costs associated with these specialized machines and the limited number of major buyers (central banks and specialized printers). The market segmentation shows a robust demand across various types (Intaglio, Offset, and Others), driven by the specific needs of state print works and commercial banknote printers. Key players like Koenig & Bauer, Komori, CBPM, and Goebel are driving innovation and competition within this specialized sector. The regional distribution of the banknote-printing machine market is likely to reflect the geographic concentration of central banks and banknote production facilities. While precise regional market shares are unavailable, it can be inferred that regions with robust economies and established printing industries (North America, Europe, and Asia-Pacific) will continue to dominate. Emerging economies in Asia-Pacific and the Middle East & Africa may experience moderate growth, driven by increasing infrastructure development and economic expansion. However, the overall market growth remains constrained by the inherent limitations of a niche market serving a specific clientele. The forecast period (2025-2033) anticipates a continued, albeit slow, rise in market value, reflecting the ongoing demand for updated printing technology and the persistent need for secure currency production. The market will likely continue to consolidate around major established players capable of investing in and providing the cutting-edge security features demanded by the market.

The statistic shows the consumers attitude towards spending money on print books in the United States in 2017, by age. During the survey, 38 percent of respondents aged 18 to 29 stated that they completely agreed with the statement, "I prefer to spend my money on print book".

The size and share of this market is categorized based on Design Services (Concept Development, Graphic Design, Security Feature Integration, Prototyping, Compliance with Regulatory Standards) and Printing Technologies (Offset Printing, Intaglio Printing, Digital Printing, Screen Printing, Security Printing) and Materials Used (Paper, Polymer, Ink, Security Threads, Watermarks) and End User (Central Banks, Commercial Banks, Government Agencies, Private Security Firms, Currency Collectors) and geographical regions (North America, Europe, Asia-Pacific, South America, Middle-East and Africa).